Nevro (NYSE:NVRO) Price Target Cut to $6.00 by Analysts at Piper Sandler

Nevro (NYSE:NVRO) had its target price cut by Piper Sandler from $7.00 to $6.00 in a research report released on Tuesday morning,Benzinga reports. They currently have an underweight rating on the medical equipment provider’s stock.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. downgraded shares of Nevro from a “neutral” rating to an “underweight” rating in a research report on Wednesday, August 7th. Wells Fargo & Company downgraded shares of Nevro from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $13.00 to $5.50 in a report on Wednesday, August 7th. JMP Securities lowered shares of Nevro from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 7th. Citigroup cut their price target on shares of Nevro from $6.89 to $6.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. Finally, Truist Financial lowered their price objective on shares of Nevro from $10.00 to $5.50 and set a “hold” rating for the company in a research report on Thursday, August 8th. Three research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $9.10.

Nevro Price Performance

Shares of NVRO stock opened at $4.52 on Tuesday. The firm’s 50 day moving average price is $5.18 and its two-hundred day moving average price is $7.39. The company has a debt-to-equity ratio of 0.67, a quick ratio of 3.53 and a current ratio of 5.02. Nevro has a 52-week low of $3.95 and a 52-week high of $22.64. The stock has a market cap of $169.36 million, a PE ratio of -2.39 and a beta of 0.93.

Nevro (NYSE:NVRO) last released its quarterly earnings data on Monday, November 11th. The medical equipment provider reported ($0.41) EPS for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.40. The business had revenue of $96.60 million during the quarter, compared to the consensus estimate of $93.09 million. Nevro had a negative return on equity of 23.52% and a negative net margin of 16.54%. The firm’s revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.65) earnings per share. As a group, analysts forecast that Nevro will post -2.46 EPS for the current year.

Hedge Funds Weigh In On Nevro

Hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its stake in Nevro by 1,788.8% in the second quarter. Nisa Investment Advisors LLC now owns 6,932 shares of the medical equipment provider’s stock worth $58,000 after purchasing an additional 6,565 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Nevro during the third quarter valued at $69,000. SG Americas Securities LLC bought a new stake in shares of Nevro in the 3rd quarter valued at about $71,000. Quantbot Technologies LP lifted its holdings in Nevro by 1,290.4% during the third quarter. Quantbot Technologies LP now owns 14,418 shares of the medical equipment provider’s stock worth $81,000 after buying an additional 13,381 shares during the period. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Nevro by 345.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 10,700 shares of the medical equipment provider’s stock worth $90,000 after purchasing an additional 8,300 shares during the last quarter. Institutional investors own 95.52% of the company’s stock.

About Nevro

Nevro Corp., a medical device company, engages in the provision of products for patients suffering from chronic pain in the United States and internationally. The company provides HFX spinal cord stimulation (SCS) platform, which includes the Senza SCS implantable pulse generator (IPG) system, an evidence-based neuromodulation system for the treatment of chronic back and leg pain through paresthesia-free 10 kHz therapy, as well as offers Senza II and Senza Omnia SCS IPG systems.